The currency notes on behalf of central government or issued by whom
Answers
Question
The currency notes on behalf of central government or issued by whom?
Answer:
THE CURRECNCY NOTES IN BEHALF OF THE CENTRAL GOVERNMENT IS ISSUED BY RESERVE BANK OF INDIA [RBI]
Explanation:
The Reserve Bank manages currency in India. The Government, on the advice of Reserve Bank, decides on the various denominations. The Reserve Bank also coordinates with the Government in designing of bank notes, including the security features. Reserve Bank estimates the quantity of notes that are likely to be needed denomination-wise and places the indent with the various presses through the Government of India. The notes received from the presses are issued and a reserve stock is maintained. Notes received from banks and currency chests are examined. Notes fit for circulation are reissued and the others (soiled and mutilated) are destroyed so as to maintain the quality of notes in circulation. The Reserve Bank derives its role in currency management on the basis of the Reserve Bank of India Act, 1934
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The first paper currency issued in India was the Rupees. 1 note by the private banks such as Bank of Hindustan and the presidency banks during late 18th century. In those times, there were Government issued notes also but government had no monopoly in issuing paper notes.
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